Munich Re reports £2.3bn profit

The reinsurance group saw profits after tax and expenses increase 64 per cent to £2.3bn, up from £1.4bn in 2008.

The group is now expecting a profit of £1.8bn for 2010, slightly less than last year.

Total gross premiums written rose by 9.5 per cent to £37.7bn, or €41.4bn, up from £34.5bn in 2008. The group says if exchange rates had remained the same, premium volume would have increased by 9.9 per cent compared with the previous year.

Equity rose by 5.5 per cent to £20.3bn, or €22.3bn, in 2009 and return on equity rose to 11.8 per cent.

Looking ahead, a group statement says: “For 2010, Munich Re is aiming at another profit of over €2bn. This target remains achievable despite the claims burdens from the earthquake in Chile and Winter Storm Xynthia.

“For 2011, Munich Re anticipates an increase in results. Munich Re is adhering to its long-term objective of a 15 per cent post-tax return on risk-based capital across the cycle, although it will be much more difficult to achieve in an environment in which interest rates are low.”

By Fiona Tait, Pensions Specialist Ros Altmann reportedly hoped for more product innovation following pension freedom¹ and, according to one poll, 66 per cent of advisers also believe that providers should be doing more². This article considers whether there is a real client need for new products, or whether we should be focusing our attention on efficient delivery […]

Newsletter

Latest from Money Marketing

HM Revenue & Customs has published guidance on how new income tax bands in Scotland will affect pension schemes and their members. The note is a response to the Scottish Government’s confirmation it will introduce five income tax bands for 2018/19. Pension savers in Scotland currently receive pension tax relief at their marginal rate but […]

SimplyBiz Group is considering an initial public offering of £150m on the London Stock Exchange. According to a Reuters report, the potential float could value the company between £140m and £155m and is expected to raise £30m of new money. SimplyBiz joint group chief executive Matt Timmins confirms the business has recently appointed Zeus Capital as […]

Brewin Dolphin has been ranked the preferred DFM in a Money Marketing survey of advisers and paraplanners, well ahead of the next most favoured, Quilter Cheviot. Thirty-three per cent of respondents listed the business as their preferred DFM, followed by 10.2 per cent responding in favour of Quilter Cheviot. LGT Vestra, Brooks Macdonald and Parmenion […]